Should I cancel my old card?

Should I cancel my old card?

I haven't used a credit card in a good 5 or 6 years now, but I still have an old Capital One card from way back that seems to be grandfathered in at a 4% fixed apr. I recently decided that it would be a good idea to get a couple rewards cards to save money on gas and groceries, and I applied and got approved for both the Fort Knox Credit Union Visa Platinum (for 5% on gas), and the AMEX Blue Cash Everyday (for 3% on groceries). I was originally planning on cancelling my Capital One card once I received these 2 new cards, but now I'm wondering if I should just keep it since I don't seem to see any other credit card offers close to an apr as low as mine. I'm worried that too many cards will hurt my credit score, but at the same time I'm wondering if it's in my best interest to keep the card. Any thoughts?

Re: Should I cancel my old card?

If there are monthly or annual fees you could consider closing it. It would continue to report for another 10+ years. Otherwise leave it open. Also, check out the closing credit cards stickied at the top of the board.

Re: Should I cancel my old card?

Thanks for the info, especially pointing me towards the sticky about closing cards. From what I understand, it sounds as though keeping the card is more beneficial to my credit score, and being that I don't have any AF to worry about, closing the card would probably do more harm than good. I've always kept this card just in case an emergency ever pops up where I'm in dire need of money that I don't have on hand, so it's comforting to know that I can continue keeping this security blanket without doing any significant harm to my credit.

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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.